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The most recent entry in the Mad Max movie franchise cleaned
up at Sunday’s Oscars. The award-winning film depicting a violent
post-apocalyptic world of environmental devastation warranted as much
commentary on current climate conditions as it did in entertainment. Leonardo
DiCaprio even got in on the climate change action and made a heartfelt plea in
his acceptance speech for world leaders to step up.

There is undoubtedly growing public interest in preserving
and creating clean energy sources. States offer a variety of property tax
assessment relief and exemptions to promote conservation, production, and use
of renewable energy. States also encourage taxpayers to adopt energy-efficient
practices and to switch to green
power sources like wind and solar,
geothermal, hydropower, or even plant matter. Activities like installing better
insulation, upgrading thermostats, and replacing windows also lead to the use
of less energy and tax savings. Implementing these green measures on a large
scale will invariably contribute to sustaining our natural resources and
hopefully save us from a Mad Max
future.

If you haven’t seen the Mad Max movies, they go a little
like this—fast forward to the collapse of civilization. Humans have sucked the
earth dry of natural resources, which leads to water wars, desert fortresses,
and armored trucks all wrapped up in deadly high-speed chases through a desert wasteland.
Sprinkle in Tina
Turner and Charlize
Theron and bam—there’s the future. Although this Mad Max world is the product of an unchecked imagination, fantastically
visionary or improbable, the ubiquitous influence of global warming is
felt worldwide.

Assessment Relief and
Exemptions

When contemplating the advantages of state energy tax relief
programs, taxpayers should know that for the purpose of exemption, some states
distinguish between energy-producing devices designed to adapt or convert
energy (e.g. wind, solar, or geothermal) and items used for energy
conservation, like reflective sheeting or double-plated windows. For example,
Texas will not apply the property tax exemption to energy conservation or other
devices that can be used regardless of the energy source used.

In New
York, energy
conservation measures added to homes that qualify for financing under a home
conservation plan or any conservation-related state or federal tax credit or
deduction, are exempt from property tax to the extent of any increase in the
property's assessed value resulting from the installation of the conservation
measure. It’s the same in Los Angeles County,
California, where the initial purchaser of a building with an active solar
energy system may qualify for an exclusion from assessment on the portion of
the value attributable to the active solar energy system. Active solar energy
systems added to existing properties are automatically excluded from
assessment.

Montgomery
County, Maryland, offers a property tax credit against county property tax
for energy conservation devices. Maryland’s local option tax incentive is
unique because it is applied in the form of a credit, not an exemption or
exclusion as in the case of most other property tax programs.

As Oscar winner Leonardo DiCaprio said in his speech
receiving the academy award for The
Revenant, “[c]limate change is real, and it’s happening right now.” He went
on to say that “we collectively felt in 2015…the hottest year in record
history.” So let’s avoid a
post-apocalyptic disaster, reduce our carbon footprints, conserve energy,
continue to create alternative fuel and energy sources, and take advantage of
state tax breaks. Everybody wins.

Continue the discussion on LinkedIn: Do you know your carbon footprint?

For more information about state tax issues, sign up for
a free trial on
Bloomberg BNA’s Premier State Tax
Library.

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